Page 15 - 2018 Finac1 Test 3 Class Slides - 2. Intangible Assets
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TEST 3 PREPARATION
Identifiability – 38.12
• An intangible asset shall be identifiable in order to
distinguish it clearly from goodwill. (IAS 38.11)
• An asset meets the criterion in the definition of an
intangible asset when it:
• is separable, that is, capable of being separated or
divided from the entity and sold, transferred, licensed,
rented or exchanged, either individually or together with
a related contract, asset or liability, regardless of
whether the entity intends to do so; or
• arises from contractual or other legal rights, regardless
of whether those rights are transferable or separable
from the entity or from other rights and obligations.
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